Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Related to this story

Topics Consumer Products, Injection Molding, Rotomolding, Thermoforming

AKRON, OHIO (July 10, 1:15 p.m. ET) — Myers Industries Inc. has reported a solid increase in second-quarter earnings despite a modest 2 percent increase in sales from a year earlier.

The Akron-based manufacturing and distribution company said its net income in the quarter climbed 21 percent, to $5.66 million from $4.66 million. Diluted per-share profits rose even more, increasing 31 percent to 17 cents from 13 cents, because of fewer shares outstanding this year.

Sales at Myers edged up to $181.1 million from $177.3 million in the second quarter of 2011. The company’s cost of sales essentially was flat, at $133.7 million in the latest second quarter versus $132.8 million in the year-earlier period.

Myers said its gross margin expanded to 26.2 percent in the second quarter of 2012 from 25.1 percent in the second quarter of 2011. It said the expansion “was due mostly to reduced costs and productivity improvements resulting from continued execution of the company’s operations excellence initiatives.”

Myers said it expects some mixed trends in the second half of 2012.

“Results should benefit from the shifting of orders from the second quarter to late in the second half of 2012 as well as from the company’s operations excellence program,” Myers said. “However, the soft economy may offset a portion of these benefits. The company expects full-year results to reflect continued solid performance.”

Myers did not offer a specific earnings forecast.


Comments

Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Ford's final ACH plant, injection molder of HVAC systems, to close

October 22, 2014 1:58 pm ET

Ford Motor Co. will shed the last line of business in 9-year-old Automotive Component Holdings LLC by December when ACH closes its Plymouth, Mich.,...    More

Image

Comar merging with Convergence Packaging

October 21, 2014 5:07 pm ET

A couple of plastic packaging companies owned by private investment firm Graham Partners are merging into a single entity.    More

Image

BASF targets coffee and automotive connoisseurs with new resin grades

October 21, 2014 2:07 pm ET

BASF SE is using polybutylene terephthalate (PBT), which is normally used to manufacture high-end electronics, in a food consumer packaging product.    More

Image

Report: Suspected former Nazi with plastic connection collecting Social Security

October 20, 2014 3:52 pm ET

AKRON, OHIO — A one-time plastics executive in Akron is among dozens of suspected former Nazis who have been collecting U.S. Social Security...    More

Molder expands in France with new clean room

October 20, 2014 1:30 pm ET

Global Closure Systems (GCS), a global injection molding producer, showed off its new ISO 7 clean room at its Astra Plastique factory in France during...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events